Frontline (NYSE:FRO) Hits New 52-Week High – Should You Buy?

Shares of Frontline PLC (NYSE:FRO) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $43.16 and last traded at $42.9990, with a volume of 939697 shares. The stock had previously closed at $42.18.

Analyst Ratings Changes

Several equities analysts recently commented on FRO shares. Danske lowered Frontline to a “hold” rating in a research note on Tuesday, May 26th. Pareto Securities cut Frontline from a “buy” rating to a “hold” rating and set a $39.46 price target for the company. in a report on Monday, May 25th. Evercore downgraded shares of Frontline from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. BTIG Research increased their price objective on shares of Frontline from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Wall Street Zen cut shares of Frontline from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Frontline presently has a consensus rating of “Hold” and an average target price of $41.62.

Frontline Stock Performance

The stock’s 50-day moving average is $38.44 and its 200-day moving average is $35.88. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.83. The stock has a market cap of $9.63 billion, a price-to-earnings ratio of 10.63 and a beta of 0.02.

Frontline Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 12th were given a $1.55 dividend. The ex-dividend date of this dividend was Friday, June 12th. This is an increase from Frontline’s previous quarterly dividend of $1.03. This represents a $6.20 annualized dividend and a dividend yield of 14.3%. Frontline’s dividend payout ratio (DPR) is currently 152.71%.

Hedge Funds Weigh In On Frontline

Hedge funds and other institutional investors have recently made changes to their positions in the business. University of Texas Texas AM Investment Management Co. acquired a new stake in Frontline in the 4th quarter valued at $25,000. Fiduciary Financial Advisors acquired a new position in shares of Frontline during the second quarter worth about $28,000. Assetmark Inc. boosted its position in shares of Frontline by 278.6% in the first quarter. Assetmark Inc. now owns 973 shares of the shipping company’s stock worth $34,000 after buying an additional 716 shares during the period. Sunbelt Securities Inc. purchased a new stake in shares of Frontline in the third quarter worth about $41,000. Finally, Parallel Advisors LLC boosted its position in shares of Frontline by 58.9% in the first quarter. Parallel Advisors LLC now owns 1,311 shares of the shipping company’s stock worth $46,000 after buying an additional 486 shares during the period. Institutional investors and hedge funds own 22.70% of the company’s stock.

Frontline Company Profile

Frontline Ltd. (NYSE:FRO) is a leading global shipping company specializing in the seaborne transportation of crude oil and petroleum products. The company’s core business activities encompass the ownership and operation of very large crude carriers (VLCCs), Suezmax tankers and Aframax vessels. Through long-term charters, spot market operations and time charters, Frontline provides flexible shipping solutions that cater to a diverse set of energy producers, refiners and trading houses worldwide.

Frontline’s fleet is geared toward high-capacity, ocean-going tankers capable of carrying large volumes of crude oil over intercontinental distances.